SEAS-NVE has successfully sold 9.5m shares in Ørsted A/S, corresponding to 2.27% of the outstanding share capital, to institutional investors through an accelerated bookbuild (ABB). The transaction amounting to DKK 5,338m or USD 792m is the largest follow-on ABB in Denmark in 2019. The placing was done at a discount to last close of 2.91%
The background for the sale of shares is that on 18 September 2019, SEAS-NVE entered into an agreement with Ørsted to acquire Radius Elnet, Ørsted’s residential customer business and outdoor lighting business. Simultaneously, SEAS-NVE announced that over the coming 12 months, the company would reduce its 9.54% ownership interest in Ørsted towards approximately 5%. This transaction marks the first step towards the announced bring down in ownership.
FIH Partners acted as financial advisor to SEAS-NVE.
